New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-07
THE YUENGLING-B -BELDEN CASE.
EACH SIDE COMPLAINS OF THE OTHER

AN AMICABLE AGREEMENT PROBABLE-MR BEL
DENIS RELATIONS TO THE BUSINESS.
The two receivers for the business OF ID. @. Yucng
ling, jr., appointed by Judge Donohus, Richard s.
Nevcombe as the representative OF Mr.. fuengnng'
and John A. Carver the representative OF William
Belden the special partner, met at the brewery at
One hundreds an nd-twenty-eiebth-st and Tenth ave-,
Yesterday. There appeared to be amcable under
standing between them and IL was announced that
the affairs of the brewery would be as usual In all
re spects. Both the receivers are lawyers who have
never had anything to do with beer before except
in the capa lty of but the partners and
the creditors express themselves as perfectly salts
fed with the present ari angement Both sides expect
that a satisfactory understanding will be reached
There is no complaint OF intimauon that there is
anything wrong as to the way the business was con-
Quoted. 1t is we'll known that IL is paying large
profits The met earnings for 1886 were over
S196, 900. and the balance sheet for July showed
that the assets were largely In of the liabilities
In the papers of the case, which died on the
part of AR. Belden in the County Clerks office yes
terday together with the order appointing the recev
EACH Of whom gives bond for So0,OOO it is set
forth that the partnership entered into on July
ID, 1885. 1t was to continue until April 80, 1883,
unless sooner dissolved Mr. Yuengling's property was
at that time worth $1,217 All. He contributed
1903 900 to the capital stock Mr.. Beden paid in
S265 900 in cash. 1t agreed that Mr.. Ynengling
should draw out $4,000 a year for obtaining and
retaining trade he thought best lie was also TO
draw $4,000 month from the profits and Mr. Bel
den 81 800. The complaint alleges that Mr.. Yuong-
ling neglected the business ana mas violated an
express agreement not to make or ndorse notes with
out the written consent of nus partner. dissolution
of the partnership is asked for.
MIR. tnteimeyer. of the firm of Guggenheimer d
Unttrme, er, Mr. Yuenglng's counsel said last even
ing that Mr.. Yuengng and Mr. Belden had not been
obe TO asree about the conduct of the busincs- for
some time. Negotiations had been gong on between
them for several weeks What the nature OF the
disagreement was Nr. Unteimeyer did not care TO cay
at present But tain debts Of tho concern required
immediate settlement There was not money enough
available for the purpose and Mr.. Beden refusngt
give assistance in raising the money, Mr. fuenging
tuesday last directed the preparation OF the neces
cary papers which to apply for n receiver. These
we're ser yed upon Mr. Belden Friday, and the
partners met and agreed ppon the reeei,ers VINO were
Mr Yuengng la taken ToO,ooU out Jf the ousi-
and had gone to the Adrondacks. On Friday
night he went TO Sarato witness in e law sdt
in which the firm party, and returned TO New
York at 1880 M Oh Sunday. Mr.. iuepelng's
absence and action hnd been Wholly IN tle interest OF
the firm. Mr.. Untermeyer said that there was on er-
roneous impression abroad as 10 Mr.. Belden's
special partnership. MIR. Bslden bad had entire
charge OF the financial business of the firm. The books
of the firm had been practically IN his charge, and he
had been performing tho duties and mourning The liza
tIlitiosof general partner Whenever note was 10
be given IL was written and ndorsed by Mr. Bel
den and placed by him. Since Mr. Beldcn had ne
sumed direction of matters tho Ddeocdness had risen
from less than 100000 to more than $l.O0OOUO.
Last week be refused TO place any more paptr, when
Mr.. Yucnglins took the legal steps already mcn-
toned lf the creditors regarded their own interests
the would he settled without winding up the
bus ne.s. Friends of Mr.. YuenglIng say that re-
Gently a syndicate offered 5000 0OV for tho plant
ami good will of the brewery, but that negotiations
were broken of because Mr. Belden demanded
$500 O0J for his share, although the amount he put
In wa. only S26j 900 1t is SAID that certain persons
aie ready to take ii at 81 5000 at any moment
John 4. Carver, Mr. Belden's receiver. said last
evening that Mr. Beldens refusal to place any more
paper was caused by the discovery that Mr. iueng.
ling had in genef osity of his heart ndofsed paper
for friends whicn he expected 10 be called up N
to pfy, but which bad. nevertheless become due.
" Wo all know" said Mr.. Carver, that while ID. q.
Yuengling jr.. is of the best brewers In
the gorld he Is also n most generous-hearted man,
who lives freely aud cannot refuse TO give assistance
10 a friend in need OF H. He has lived up o his ny
come and bas no other interests. ! tcli1ve OF any
moment outside of thu brewery. All Mr. Belden
wants Is thorough Unders anding about these notes
/ hope that everything will be amcaby adjusted
Mr. Carver said that the report about a wel'-,sid
plan TO wreck the business y WAS wholly uniounded,
il il referred TO Mr. Belden.
Inventories OF the prooerty are being prepared
which expected will be complete before the end
OF The week statement of the assets al iiaeili-
ties is als being prepared.